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Social tax rate to stay at 30%


Vedomosti reports that yesterday the government decided to leave social tax at 30% plus 10% for salaries above the threshold, during the meeting with Prime Minister Vladimir Putin, concerning guidance on tax and tariffs policies for 2013-15.

This is a well balanced decision between the planned return of the social tax rate to 34% and MinEconomy’s proposal to cut it to 26-28%. 30% seems to be acceptable for the corporate sector and it is still higher than 26%, which existed prior to the hike in pensions in 2009-10. The recent decisions on the social tax and on amendments to the Federal budget suggest that the government adheres to a rather conservative fiscal policy. 

Alexey Moiseev, Aleksandra Evtifyeva, Daria Isakova
VTB Capital analyst


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